Guidance

Family homes: insolvency practitioner guidance paper

This guide for insolvency practitioners advises how to provide information and explanations in matters relating to the family home.

Detail

It is in the interests of the debtor and the creditors, and in the wider public interest, that a family home, and any other residential property available for use by the debtor or the debtor’s immediate family, are dealt with fairly and expeditiously in a bankruptcy. This can happen only if the debtor and others who may have an interest in the properties have sufficient information to understand how the bankruptcy affects them, and the options available to them.

Failure by a trustee to provide information and explanations can prolong the realisation process, cause unnecessary distress to those involved and give rise to complaints.